thewelk Posted December 20, 2014 Share Posted December 20, 2014 When Scotland's failed independence day comes in March 2016 and new record high oil prices are being reported, we won't hear a peep out of the unionists. Not a peep. Well, except that we're lucky to have the protection of the 'best armed forces in the world' from the terrible Russians after the beating they took 'from us' in 2015. Quote Link to comment Share on other sites More sharing options...
Orraloon Posted December 20, 2014 Share Posted December 20, 2014 Its really strange its like some of them really would like to see Scotland hammered to ensure we don't get ideas above our station again. The reality is if we had been a normal country we would have just had to deal with this. Norway has had to dip into its oil fund a bit more and no doubt other countries big and small will deal with it in their own way until the price goes back up. Scotland would of course have been unique and we would be needing food banks on the streets of Milltimber and UN helicopters dropping Red Cross food and clothing to the masses. The UK is currently losing money with the oil price how are they coping ??? The oil is a bonus and if, as some clever people have said,Scotland had set up an oil fund and put money away for a rainy day the drop could have been cushioned until the price went back up. Are you sure about that bit? Quote Link to comment Share on other sites More sharing options...
phart Posted December 20, 2014 Share Posted December 20, 2014 Are you sure about that bit? Norwegian banks have already ran liquidity tests at a price of $35 a barrel for a year and still sitting alright. Everyone will have to dip into something for this. Instead of point scoring the politicians should be making sure it's reflected at the pump the price drop, it's all they're good for these days. Quote Link to comment Share on other sites More sharing options...
Alan Posted December 20, 2014 Share Posted December 20, 2014 The gloating is flipping bizarre. A people might lose their jobs and B it hurts the economy now.Do you include weekevie in that? Quote Link to comment Share on other sites More sharing options...
Orraloon Posted December 20, 2014 Share Posted December 20, 2014 Norwegian banks have already ran liquidity tests at a price of $35 a barrel for a year and still sitting alright. Everyone will have to dip into something for this. Instead of point scoring the politicians should be making sure it's reflected at the pump the price drop, it's all they're good for these days. The reason I ask, is that I read some stuff a few years ago about the Norwegian oil fund. They have very strict rules as to how the fund is used. I think that thy are only allowed to spend 4% of the interest inside Norway in any year or something like that. In order to "dip into" it further would need a vote in parliament, I think. As you say I don't think they are near the stage where they need to do that yet. Lower revenues from lower oil prices will mean that less new money will go into the oil fund but that's not the same as dipping into it. Quote Link to comment Share on other sites More sharing options...
Alan Posted December 20, 2014 Share Posted December 20, 2014 Oil Fund. Even Mr Salmond's own Scottish government civil servants stated Scotland could not afford an oil fund at the present spending. So an oil fund would be delivered either by cutting public funding, raising taxes or even as John Swinmey said, borrowing. But nationalists continue to raise the mythical oil fund. Norway started off as a fishing economy and was far different from Scotland's industrial past which had to deal with fall out of deindustrialisation some of which was caused by those nationalist traits of looking into the past and navel gazing. Quote Link to comment Share on other sites More sharing options...
Jacobite Posted December 20, 2014 Share Posted December 20, 2014 Are you sure about that bit? I read something about it yesterday that they had increased its use by a fraction of a % ,can't remember where I saw it though. Quote Link to comment Share on other sites More sharing options...
Jacobite Posted December 20, 2014 Share Posted December 20, 2014 Oil Fund. Even Mr Salmond's own Scottish government civil servants stated Scotland could not afford an oil fund at the present spending. So an oil fund would be delivered either by cutting public funding, raising taxes or even as John Swinmey said, borrowing. But nationalists continue to raise the mythical oil fund. Norway started off as a fishing economy and was far different from Scotland's industrial past which had to deal with fall out of deindustrialisation some of which was caused by those nationalist traits of looking into the past and navel gazing. Yeah yeah yeah our oil fund would be rubbish of course. Pity we never got to find out how rubbish it would have been. Just think if we had started one 20 or 30 years ago you could have had even more fun telling us hopeless we are. Quote Link to comment Share on other sites More sharing options...
washboarder Posted December 20, 2014 Share Posted December 20, 2014 its gonna be strange watching the Aberdeen away support waving p45s instead of £50 notes Quote Link to comment Share on other sites More sharing options...
Toepoke Posted December 20, 2014 Share Posted December 20, 2014 We should have had 40 years of a oil fund tucked away by now for a rainy day. Somebody made that point on BBC Morning Call yesterday. He worked in the oil industry in the mid 80s when the price of oil dropped to $6 a barrel, there were many redundancies and a property crash in the North East. Energy secretary Peter Walker was saying the government would not support "lame duck industries" like oil had become. It was clear at the time than an oil fund was needed to smooth the tide during dips in the industry which historically appear to be inevitable... Quote Link to comment Share on other sites More sharing options...
phart Posted December 20, 2014 Share Posted December 20, 2014 The reason I ask, is that I read some stuff a few years ago about the Norwegian oil fund. They have very strict rules as to how the fund is used. I think that thy are only allowed to spend 4% of the interest inside Norway in any year or something like that. In order to "dip into" it further would need a vote in parliament, I think. As you say I don't think they are near the stage where they need to do that yet. Lower revenues from lower oil prices will mean that less new money will go into the oil fund but that's not the same as dipping into it. I should have said i have no idea lol. I just know their banks have tested this and know they can maintain liquidity for a year at a lower price. We'll see next to nothing of the benefits to prices for such cheap energy sources atm though. Quote Link to comment Share on other sites More sharing options...
Orraloon Posted December 20, 2014 Share Posted December 20, 2014 I read something about it yesterday that they had increased its use by a fraction of a % ,can't remember where I saw it though. Cheers. Quote Link to comment Share on other sites More sharing options...
the_fadiator Posted December 20, 2014 Share Posted December 20, 2014 Oil Fund. Even Mr Salmond's own Scottish government civil servants stated Scotland could not afford an oil fund at the present spending. So an oil fund would be delivered either by cutting public funding, raising taxes or even as John Swinmey said, borrowing. But nationalists continue to raise the mythical oil fund. Norway started off as a fishing economy and was far different from Scotland's industrial past which had to deal with fall out of deindustrialisation some of which was caused by those nationalist traits of looking into the past and navel gazing. Jeez, you sound like a Labour politician briefed by a student research assistant. It's great having opinions, but when they're just blind soundbites there's no credibility. How many states can you list that don't run a deficit and borrow? Did you know that the Norwegian fund started when they were running a deficit? And can you explain how deindustrialisation was caused by "nationalist navel gazing"? Bizarre statement. Quote Link to comment Share on other sites More sharing options...
Toepoke Posted December 20, 2014 Share Posted December 20, 2014 those nationalist traits of looking into the past and navel gazing. Applies to British nationalism too. Encapsulates many peoples' reasons for voting No in the referendum... Quote Link to comment Share on other sites More sharing options...
Flure Posted December 20, 2014 Share Posted December 20, 2014 "Kezia Dugdale is either economically illiterate or happy to deceive voters. She has seized on a headline, fabricated the facts and played Labours favourite game by blaming SNP." http://scottishstatesman.com/the-oil-price-fluctuates-who-knew-not-dugdale/ Quote Link to comment Share on other sites More sharing options...
thplinth Posted December 20, 2014 Share Posted December 20, 2014 When Scotland's failed independence day comes in March 2016... Oh...never thought of that...something to look forward to. Quote Link to comment Share on other sites More sharing options...
Flure Posted December 20, 2014 Share Posted December 20, 2014 Alan Ferrier @alanferrier The only thing won by the Unionists on September 18th was time. #IndyRef Quote Link to comment Share on other sites More sharing options...
wanday Posted December 22, 2014 Share Posted December 22, 2014 We can't build an oil fund apparently but westminster with a huge debt can plan to replace trident, build that crazy railway, and spend billions on London infrastructure. Fact is - Scotland currently gets only a fraction of oil . With independence we will always win - the price will have to go down an awful lot to do away with the advantage of the revenues being divided by only 5.3 million Scots as opposed to 63 million Brits. Quote Link to comment Share on other sites More sharing options...
Mee Posted January 6, 2015 Share Posted January 6, 2015 now 51 quid a barrel. incredible drop Quote Link to comment Share on other sites More sharing options...
SMcoolJ Posted January 6, 2015 Share Posted January 6, 2015 Yup, depressing stuff. Guessing around 15-20% of the industry about to be made redundant..... Hopefully pick up at end of year, but the industry is hugely knee-jerk (I think this stems from large US involvement). It spends millions on redundancy, then even more on re-hiring and training when things turn around. Some would say it's a bit myopic, some would say it's a necessary optic. Quote Link to comment Share on other sites More sharing options...
ibelieve!!! Posted January 6, 2015 Share Posted January 6, 2015 Just filled up my heating oil tank, loving the low oil price!! Quote Link to comment Share on other sites More sharing options...
SMcoolJ Posted January 6, 2015 Share Posted January 6, 2015 Just filled up my heating oil tank, loving the low oil price!! Buy another tank and fill it up too - then your car. Turn your heating on full blast and leave the windows open, while driving your car in circles for a while.... Quote Link to comment Share on other sites More sharing options...
phart Posted January 6, 2015 Share Posted January 6, 2015 I see the bold yanks are ready for another roll of sanctions against the "axis of evil" There must be more keyboard hardmen in the pentagon than on the UFC forum, truly incredible. Quote Link to comment Share on other sites More sharing options...
EddardStark Posted January 7, 2015 Share Posted January 7, 2015 Interesting angle from a Peston interview on PM last night. The Saudis power in the oil market has diminished since the US increased internal supply from fracking. This downward spiral in price could be a deliberate attempt by the Saudis to force a lot of fledgling businesses in the US out of business. Apologies if this has already been covered. Quote Link to comment Share on other sites More sharing options...
deecie Posted January 7, 2015 Share Posted January 7, 2015 That's already been covered. Quote Link to comment Share on other sites More sharing options...
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